Sadly, I still can't shake the subtle feeling that something greasy is still going on here-- The sins of Ripple continue to haunt us all I guess.
I tried googling but only saw some mentions of "problems with the existing consensus algorithm" which seem to have been remedied with Stellar's 2015 April whitepaper.
In addition to these shortfalls at an architectural level, the folks who seemed to be both in control of the centralized authority and sitting on top of all the premined ripples had well documented histories of shady behavior.